Asset Management & Recovery: May 2010

Our office has been appointed receiver over a few new projects that will soon have property available in Columbus Ohio.  John and Dan from the brokerage side will be handling the listings.

• 3 Office Condo's in Hilliard from 1400sf to 1750 sf.  $90/sf or lease fr $8.25.
• Gas station + retail space at Stelzer and Agler $685,000 +/-.
• Car wash / drive through liquor + industrial on Refugee and Old Courtright.  Not priced.

We also have 3 office condos in Dublin that are about to be abandoned from the bankruptcy.  900sf - 1400sf.  CHEAP at $70/sf.

Also, if anyone is looking for a nice 3br/2.5 ba with partially finished basement, we know of an absolute steal in Trabue Woods.

The 365 unit apartment building is in contract, but there are more coming so get with John if you are looking.  We have 48 units still available that are a total rehab project.

Lastly, the boat / RV shop is going to be coming up for auction late summer but can be sold in advance.

I'm out for the next couple of days, but you can reach John at 614-226-2001 for details on any of these projects.

It's only 11:30 and the phone has been ringing off the hook.  Good news.

Tomorrow we have the foreclosure auction of 3205 E. Dublin Granville Rd., Columbus.  Only a $140,000 minimum bid and we're paying a buyer broker fee.  You don't get that at a standard Sheriff Sale. 

We should also have a couple of projects coming up through our receivership files.  One is industrial mixed use which is kind of interesting.  Drive through liquor + restaurant + car wash in front, multiple garage bays and large lot in back.  Perfect for anyone who needs work space and wants the frontage rents to cover the mortgage.

A couple of other items simmering.

We are looking forward to Peter Gehres taking a more active role in the business.  Peter is the Michigan auctioneer bid calling champion for 2010 and one of the auctioneers working with us in Ohio and Michigan.

Peter is also a member of Michigan Auctioneers Association and actively involved in the National Auctioneers association.  Today he accepted our offer to work as the United Country Gryphon Director of Recruiting for new auctioneers throughout Ohio and Southern Michigan.

We have been working on laying the groundwork for taking over a Columbus Ohio based business in receivership today that had an operational structure and real estate component.

The partners worked it out before the hearing, so we are not going to be involved for now.  Many of these transactions come back around eventually.  Like our auction business, sometimes it takes close to a year.

Looking forward to an interesting week, even though it may be a short one.  The auction division is bringing on a new recruiting manager today and the receviership side may be getting a new file to operate a business in Grove City Ohio.  That will be the 5th one this month.  The hearing is at 2pm.  We'll see what happens.  John should have the north side church in contract soon.  The south side church project is being listed with Cassidy Turley as they brought us into the receviership transcation.

Columbus, Ohio - May 10, 2010 - United Country - Gryphon Realty & Auction Group will conduct a "privatized" foreclosure auction on May 26, selling a 3,055-square-foot commercial building in Columbus, Ohio. Whether buyers are looking for the right location for their small business or a commercial property investment, this opportunity should not be missed.

"Ohio has allowed licensed auctioneers to sell property in place of the county sheriff since 1969," said Rich Kruse, president of United Country - Gryphon Realty & Auction Group. "However, it's just been recently that the banks actually put this option to use.  The sheriff has up to 200 properties to sell each week in some counties, so in many cases it makes more sense to engage private auctioneers."

The live auction will take place onsite at 3205 East Dublin Granville Road in Columbus, Ohio. The event will begin at 10 a.m. EST on May 26, and the property is available by appointment for private showings before the auction event.

"The commercial real estate market is in transition and these types of events provide an opportunity for investors to expand their portfolios with a prime property at a favorable price," said Kruse. "Offering properties at auction provides expedience, effectiveness and the ability to achieve a transparent price through competitive bidding."

Formerly used as a real estate title office, the building for sale is a brick and frame structure with a block foundation and paved parking area. A split-level structure offering 3,055 sq. ft. of space, the property has 18 parking spaces and 354 feet of frontage on well-traveled Dublin Granville Road, just west of Westerville Road in Minerva Park.

Detailed information about the property for sale, property showings and additional auction information including terms & conditions can be found online at www.gryphonauction.com or by calling 614-885-0020.

About United Country Gryphon Realty & Auction

United Country Gryphon Realty & Auction Group is the Central Ohio affiliate of the largest fully integrated network of conventional real estate and auction real estate professionals in the United States. Based the Polaris Area of Columbus, Ohio, the company is a subsidiary of Gryphon USA, Ltd., a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies.  The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founders Richard and Melissa Kruse also regularly hold engagements as court appointed receiver throughout Ohio.

April 18, 2010 (Columbus, OH.) - United Country - Gryphon Realty & Auction Group of Columbus, Ohio conducted three Absolute Auctions of residential real estate on April 17, 2010 and exceeded expected sales prices up to 81%. 

The first sale of the day was 2658 Melane Dr., in Grove City and sold for $104,500 versus the Sellers expected sale price of $65,000.

Other properties sold on the nationally recognized National Auctioneers Day were 4344 Valley Quail Blvd., Westerville, OH at a price of $83,000 versus an expected recovery of $70,000 and 3239 Summerdale Ave., Hilliard OH selling at $36,000 versus an expected sale price of $20,000.

"Everything fell into place and worked perfectly according to plan" said Rich Kruse, president of United Country - Gryphon Realty & Auction Group. "Our client allowed the properties to sell Absolute and Regardless of price and they were in desirable locations.  We generated interest in both the investor and consumer buyer markets and had a wonderful response from local Realtors." 

The properties were sold by Columbus based attorney Myron Terlecky in his capacity as a Chapter 7 Bankruptcy Trustee.  "We are thrilled with the sales prices" he stated "prices quickly reached levels we hoped for and bids kept going up."

United Country Gryphon Realty & Auction Group is the Central Ohio affiliate of the largest fully integrated network of conventional real estate and auction real estate professionals in the United States. Based the Polaris Area of Columbus, Ohio, the company is a subsidiary of Gryphon USA, Ltd., a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies.  The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founders Richard and Melissa Kruse also regularly hold engagements as court appointed receiver throughout Ohio.

February 10, 2010 (KANSAS CITY, Mo.) - Peter D. Gehres, CAI, CES, licensed auctioneer, REALTOR^® and appraiser, has recently joined United Country - Gryphon Realty & Auction Group based in  Columbus, Ohio. 

Gehres is a first-generation auctioneer and Realtor who specializes in selling both personal property and real estate at auction for clients in Ohio and the Midwest. He has called at more than 500 auctions and has experience with traditional, auction and online property transactions. A graduate of The Ohio State University with a bachelor's degree in agriculture, Gehres also is a graduate of The Ohio Auction School and Hondros College (Real Estate).

 A speaker for various state and national auctioneer associations, Gehres also teaches at The Ohio Auction School, Reppert School of Auctioneering, Certified Auctioneers Institute. He is the 2010 Michigan State Auctioneering (Bid Calling) Champion, as well as a member of the Michigan State Auctioneering Association's board of directors. Gehres has earned the Certified Estate Specialist (CES) designation and the Certified Auctioneers Institute (CAI) designation, which is the highest educational recognition in the auction industry. 

"Peter brings unique experience that fills a need in our organization, and I'm thrilled to welcome him as a cornerstone of our auction practice," said Rich Kruse, president of United Country - Gryphon Realty & Auction Group. "He has incredible knowledge of art, antiques, rural properties and farms, and he's also achieved considerable success in suburban and urban commercial and residential properties." 

Gehres and the United Country - Gryphon Realty & Auction team can be contacted by phone at 614- 885-0020 or by e-mail at pdg@ucgryphon.com . The company's full listings can be viewed at www.gryphonrealty.com and www.gryphonauction.com. 

About United Country - Gryphon Realty & Auction Group

United Country Gryphon Realty & Auction Group is the Central Ohio affiliate of the largest fully integrated network of conventional real estate and auction real estate professionals in the United States. Based the Polaris Area of Columbus, Ohio, the company is a subsidiary of Gryphon USA, Ltd., a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies.  The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founders Richard and Melissa Kruse also regularly hold engagements as court appointed receiver throughout Ohio.

November 30, 2009 (COLUMBUS, Ohio.) - Qualified buyers will have the opportunity to purchase six commercial buildings in Columbus, Ohio, next month. United Country - Gryphon Realty & Auction Group, a Gryphon USA Company, is conducting a live auction on December 16 for the Northeast Business Campus.

Conducted by Richard Kruse, the auction will take place at 9387 S. Old State Road in Columbus at 10 a.m. on December 16, with registration opening at 9:30 a.m.  Private tours of the property are available in advance of the auction event.

"This event provides an amazing business opportunity for investors to expand their portfolios with prime properties at favorable prices during this unique commercial real estate market," said Kruse. "Offering properties through an auction event provides expedience, effectiveness and the ability to achieve a transparent price through competitive bidding. In fact, more than $15.5 billion of industrial and commercial real estate was sold via the auction method of marketing in 2008."

While auctions have been utilized regularly for unique luxury properties, farm and ranch land, fine art and collector automobiles, their use in commercial real estate transactions waned following the Resolution Trust Corporation (RTC) disposition market of the late 1980s and early 1990s. In recent years, however, the expediency and effectiveness of this sales and marketing method has reignited the popularity of auctions in commercial real estate sales.  

"Real estate auctions are an excellent vehicle to expose an asset for sale to motivated and capable buyers, establish urgency through the date-certain aspect of the process and obtain the best, most transparent price for the seller through a competitive bidding process," said Kruse. "This particular auction will provide a great opportunity for qualified buyers to acquire a quality property with significant upside potential." 

The Northeast Business Campus is comprised of six buildings totaling 205,342 square feet, and it is 64 percent occupied with solid tenants including WOW Communications, Children's Hospital and Nations Title Agency. Lease increases are in negotiation, and most of the leases include annual rent escalations. Constructed between 1981 and 1983, the buildings are located near Highways 161 and 270 in a corporate environment providing a wooded setting with walking paths and a scenic picnic area. The property is individually parceled and selling as one lot.

Detailed information about the property for sale, as well as details about the auction event, can be found online at www.ucohioauctions.com or by calling 614-885-0020

About United Country - Gryphon Realty & Auction Group  

United Country Gryphon Realty & Auction Group is the Central Ohio affiliate of the largest fully integrated network of conventional real estate and auction real estate professionals in the United States. Based the Polaris Area of Columbus, Ohio, the company is a subsidiary of Gryphon USA, Ltd., a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies.  The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founders Richard and Melissa Kruse also regularly hold engagements as court appointed receiver throughout Ohio.